Corporate social responsibility budgeting and spending during COVID–19 in Oman: A humanitarian response to the pandemic

•CSR budgeting and spending increased during the COVID–19 pandemic.•The high growth of COVID–19 death cases entails large CSR budgets.•The growth in COVID–19 confirmed (and death) cases is associated with a large CSR spending. COVID–19 is causing economic panic among people, governments, and busines...

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Bibliographic Details
Published in:Finance research letters 2022-06, Vol.47, p.102686-102686, Article 102686
Main Authors: Baatwah, Saeed Rabea, Al-Qadasi, Adel Ali, Al-Shehri, Amer Mohammed, Derouiche, Imen
Format: Article
Language:English
Subjects:
Corporate social responsibility (CSR)
COVID–19
CSR budgeting
CSR spending
Oman
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Summary:•CSR budgeting and spending increased during the COVID–19 pandemic.•The high growth of COVID–19 death cases entails large CSR budgets.•The growth in COVID–19 confirmed (and death) cases is associated with a large CSR spending. COVID–19 is causing economic panic among people, governments, and businesses, requiring greater corporate social responsibility (CSR). Using a sample of Omani-listed firms, this study shows that CSR budgeting and spending have increased considerably during the pandemic. It also shows that CSR budgeting is positively affected by the increase in COVID–19 deaths. CSR spending increases with the number of COVID–19 confirmed and fatal cases. These findings suggest that firms resort to CSR to reduce the negative consequences of the pandemic.
ISSN:1544-6123
1544-6131
1544-6131
DOI:10.1016/j.frl.2022.102686